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No description of principal activity
2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
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2020-04-01
2021-03-31
07664414
2021-03-31
07664414
2020-03-31
07664414
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2020-03-31
07664414
2020-03-31
07664414
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07664414
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07664414
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2021-03-31
07664414
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2020-04-01
2021-03-31
07664414
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2020-04-01
2021-03-31
07664414
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2020-04-01
2021-03-31
07664414
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2020-04-01
2021-03-31
07664414
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2021-03-31
07664414
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07664414
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07664414
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2021-03-31
07664414
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2020-03-31
07664414
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07664414
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2020-03-31
07664414
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2020-03-31
07664414
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2021-03-31
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2021-03-31
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2021-03-31
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2021-03-31
07664414
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07664414
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07664414
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2020-03-31
COMPANY REGISTRATION NUMBER:
07664414
Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited
|
|
Company Limited by Guarantee
|
|
Filleted Unaudited Financial Statements
|
|
Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited
|
|
Company Limited by Guarantee
|
|
Year ended 31 March 2021
The directors present their report and the unaudited financial statements of the company for the year ended
31 March 2021
.
Directors
The directors who served the company during the year were as follows:
Mr T J L Evans
|
|
Mr B J Garner
|
|
Mr S McElroy
|
|
Mr S Williams
|
|
Mr K W Denman
|
|
Mr T W Jones
|
|
Mr M Roberts
|
|
R M Hughes
|
|
|
|
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
22 June 2021
and signed on behalf of the board by:
Registered office:
|
Ty Madog
|
32 Queens Road
|
Aberystwyth
|
Ceredigion
|
SY23 2HN
|
|
Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited
|
|
Company Limited by Guarantee
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited
|
|
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited for the year ended 31 March 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited, as a body, in accordance with the terms of our engagement letter dated 2 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited. You consider that Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
FRANCIS GRAY
Chartered accountants
Ty Madog
32 Queens Road
Aberystwyth
Ceredigion
SY23 2HN
22 June 2021
Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited
|
|
Company Limited by Guarantee
|
|
Statement of Financial Position
|
|
31 March 2021
Fixed assets
Tangible assets
|
5
|
|
4,726
|
6,301
|
|
|
|
|
|
Current assets
Debtors
|
6
|
2,742
|
|
2,742
|
Cash at bank and in hand
|
123,706
|
|
135,209
|
|
---------
|
|
---------
|
|
126,448
|
|
137,951
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
125,039
|
|
131,371
|
|
---------
|
|
---------
|
Net current assets
|
|
1,409
|
6,580
|
|
|
-------
|
--------
|
Total assets less current liabilities
|
|
6,135
|
12,881
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
899
|
1,198
|
|
|
-------
|
--------
|
Net assets
|
|
5,236
|
11,683
|
|
|
-------
|
--------
|
|
|
|
|
Capital and reserves
Profit and loss account
|
|
5,236
|
11,683
|
|
|
-------
|
--------
|
Members funds
|
|
5,236
|
11,683
|
|
|
-------
|
--------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited
|
|
Company Limited by Guarantee
|
|
Statement of Financial Position (continued)
|
|
31 March 2021
These financial statements were approved by the
board of directors
and authorised for issue on
22 June 2021
, and are signed on behalf of the board by:
Company registration number:
07664414
Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited
|
|
Company Limited by Guarantee
|
|
Year ended 31 March 2021
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery
|
-
|
25% reducing balance
|
|
Equipment
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Welsh Fisherman's Association-Cymdeithas Pysgotwyr Cymru Limited
|
|
Company Limited by Guarantee
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2021
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Ty Madog, 32 Queens Road, Aberystwyth, Ceredigion, SY23 2HN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Company limited by guarantee
The Company's liability is limited by the gurantee entered into by the members. Every member undertakes to contribute to the assets of the Company in the event of its being wound up during the member's period of membership, or within a year afterwards for payment of the debts and liabilities contracted before the member ceased to be a member such amount not excedding £1 for any member.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2020:
4
).
5.
Tangible assets
|
Plant and machinery
|
Equipment
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2020 and 31 March 2021
|
25,041
|
6,056
|
31,097
|
|
--------
|
-------
|
--------
|
Depreciation
|
|
|
|
At 1 April 2020
|
20,657
|
4,139
|
24,796
|
Charge for the year
|
1,096
|
479
|
1,575
|
|
--------
|
-------
|
--------
|
At 31 March 2021
|
21,753
|
4,618
|
26,371
|
|
--------
|
-------
|
--------
|
Carrying amount
|
|
|
|
At 31 March 2021
|
3,288
|
1,438
|
4,726
|
|
--------
|
-------
|
--------
|
At 31 March 2020
|
4,384
|
1,917
|
6,301
|
|
--------
|
-------
|
--------
|
|
|
|
|
6.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Other debtors
|
2,742
|
2,742
|
|
-------
|
-------
|
|
|
|
Other debtors consist of:
|
|
2021 |
2020 |
|
|
£ |
£ |
|
Loan - CBFA Ltd |
2,742 |
2,742 |
|
|
------- |
------- |
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
1,021
|
–
|
Corporation tax
|
–
|
457
|
Social security and other taxes
|
3,057
|
–
|
Other creditors
|
120,961
|
130,914
|
|
---------
|
---------
|
|
125,039
|
131,371
|
|
---------
|
---------
|
|
|
|
Other creditors consist of:
|
|
2021 |
2020 |
|
|
£ |
£ |
|
Accruals |
25,850 |
850 |
|
Deferred Income |
95,111 |
130,064 |
|
|
--------- |
--------- |
|
TOTAL |
120,961 |
130,914 |
|
|
--------- |
--------- |
|
|
|
|
8.
Related party transactions
The company was under the control of the Directors throughout the current and previous financial year. Welsh Fisherman's Association Ltd (WFA Ltd) has loaned funds of £2,742 to Cardigan Bay Fisherman's Association Ltd (CBFA Ltd) (04631782). Mr TJL Evans is a director of both companies. The loan is regarded as a non-interest bearing debt and payable on demand. During the current year, WFA Ltd has paid CBFA Ltd for the use of their office. These payments have been disclosed within the accounts for both companies. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.